Air T Financials
This page shows Air T (AIRT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Air T’s recent model is cash-generative but debt-bound: working-capital release lifts cash while interest costs keep profits negative.
From FY2023 to FY2025, operating cash flow improved from$16.9M to$23.5M even though net income remained negative in both years. At the same time, inventory fell from$71.1M to$38.5M , suggesting much of the stronger cash generation came from working-capital release rather than a durable lift in operating profitability.
FY2025 shows a business that can reach small operating profit but still lose money because interest expense at
Current assets still exceed current liabilities, so liquidity is workable, but solvency is thin because equity moved to
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Air T's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Air T has an operating margin of -3.4%, meaning the company retains $-3 of operating profit per $100 of revenue. This below-average margin results in a low score of 19/100, suggesting thin profitability after operating expenses. This is down from 0.7% the prior year.
Air T's revenue grew 12.1% year-over-year to $327.1M, a solid pace of expansion. This earns a growth score of 45/100.
Air T has a moderate D/E ratio of 2.61. This balance of debt and equity financing earns a leverage score of 49/100.
Air T's current ratio of 1.67 is below the typical benchmark, resulting in a score of 29/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Air T generated -$25.0M in operating cash flow, capex of $16.5M consumed most of it, leaving -$41.5M in free cash flow. This results in a low score of 18/100, reflecting heavy capital investment rather than weak cash generation.
Air T earns a strong 97.7% return on equity (ROE), meaning it generates $98 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 75/100.
Air T passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Air T generates $-0.32 in operating cash flow (-$25.0M OCF vs $78.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Air T earns $-0.9 in operating income for every $1 of interest expense (-$11.2M vs $12.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Air T generated $327.1M in revenue in fiscal year 2026. This represents an increase of 12.1% from the prior year.
Air T's EBITDA was $1.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 81.8% from the prior year.
Air T reported $78.0M in net income in fiscal year 2026. This represents an increase of 1370.1% from the prior year.
Air T earned $28.85 per diluted share (EPS) in fiscal year 2026. This represents an increase of 1393.7% from the prior year.
Cash & Balance Sheet
Air T generated -$41.5M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 285.3% from the prior year.
Air T held $20.3M in cash against $208.2M in long-term debt as of fiscal year 2026.
Air T had 3M shares outstanding in fiscal year 2026. This represents a decrease of 0.0% from the prior year.
Margins & Returns
Air T's gross margin was 15.8% in fiscal year 2026, indicating the percentage of revenue retained after direct costs.
Air T's operating margin was -3.4% in fiscal year 2026, reflecting core business profitability. This is down 4.1 percentage points from the prior year.
Air T's net profit margin was 23.8% in fiscal year 2026, showing the share of revenue converted to profit. This is up 25.9 percentage points from the prior year.
Air T's ROE was 97.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Air T spent $28K on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 98.1% from the prior year.
Air T invested $16.5M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 1424.8% from the prior year.
AIRT Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $120.9M+70.0% | $71.1M+10.9% | $64.2M-9.5% | $70.9M+6.9% | $66.3M-14.8% | $77.9M-4.1% | $81.2M+22.3% | $66.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $31.1M+86.5% | $16.6M-8.0% | $18.1M+20.4% | $15.0M+1.2% | $14.9M+4.7% | $14.2M-0.1% | $14.2M-2.8% | $14.6M |
| Operating Income | -$13.4M-253.7% | -$3.8M-168.6% | $5.5M+1135.0% | $446K+117.4% | -$2.6M-279.7% | $1.4M-60.7% | $3.6M+727.4% | -$577K |
| Interest Expense | $5.1M+114.0% | $2.4M+5.7% | $2.3M-2.7% | $2.3M+34.7% | $1.7M-32.9% | $2.6M+18.5% | $2.2M+11.1% | $1.9M |
| Income Tax | -$817K-775.2% | $121K-94.5% | $2.2M+1718.4% | -$136K+58.9% | -$331K-195.4% | $347K+3.3% | $336K+373.2% | $71K |
| Net Income | $77.7M+3270.7% | -$2.5M-156.3% | $4.4M+366.2% | -$1.6M+76.7% | -$7.0M-441.9% | -$1.3M-151.5% | $2.5M+852.2% | -$335K |
| EPS (Diluted) | N/A | $-0.91-156.5% | $1.61+363.9% | $-0.61 | N/A | $-0.47-151.6% | $0.91+858.3% | $-0.12 |
AIRT Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $409.1M+7.2% | $381.8M+106.6% | $184.7M-2.8% | $190.0M+9.4% | $173.8M-7.4% | $187.6M-4.8% | $197.1M+12.3% | $175.5M |
| Current Assets | $160.0M-0.7% | $161.1M+68.1% | $95.8M+3.1% | $92.9M+18.4% | $78.5M-12.9% | $90.1M-12.2% | $102.6M+1.9% | $100.7M |
| Cash & Equivalents | $20.3M-45.6% | $37.4M+114.0% | $17.5M+20.7% | $14.5M+143.8% | $5.9M-67.9% | $18.5M+114.3% | $8.6M+10.2% | $7.8M |
| Inventory | $77.1M+17.9% | $65.4M+40.3% | $46.6M+16.9% | $39.9M+3.6% | $38.5M-0.1% | $38.5M-24.8% | $51.3M-11.2% | $57.8M |
| Accounts Receivable | $39.9M-7.6% | $43.2M+131.7% | $18.6M-24.3% | $24.6M+3.0% | $23.9M-2.7% | $24.6M-20.1% | $30.8M+34.7% | $22.8M |
| Goodwill | $11.8M-0.7% | $11.9M0.0% | $11.9M0.0% | $11.9M+12.9% | $10.5M+1.4% | $10.4M-2.6% | $10.7M+1.6% | $10.5M |
| Total Liabilities | $317.9M-15.4% | $375.9M+111.8% | $177.4M-4.0% | $184.7M+9.8% | $168.2M-3.1% | $173.6M-4.1% | $181.0M+11.1% | $162.9M |
| Current Liabilities | $95.5M-43.0% | $167.7M+261.0% | $46.4M-5.3% | $49.1M+2.9% | $47.7M+0.7% | $47.3M+4.9% | $45.1M-3.7% | $46.9M |
| Long-Term Debt | $208.2M+7.2% | $194.2M+64.0% | $118.4M-4.4% | $123.8M+12.3% | $110.3M-10.2% | $122.9M-3.1% | $126.8M+13.2% | $112.0M |
| Total Equity | $79.8M+6921.4% | -$1.2M-1795.7% | $69K+101.5% | -$4.6M-44.0% | -$3.2M-162.9% | $5.1M-27.3% | $7.0M+70.6% | $4.1M |
| Retained Earnings | $80.1M+3240.8% | $2.4M-50.5% | $4.8M+881.6% | $494K-76.8% | $2.1M-76.7% | $9.2M-12.4% | $10.5M+31.8% | $7.9M |
AIRT Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$44K+99.8% | -$18.5M-241.9% | -$5.4M-394.0% | -$1.1M-126.6% | $4.1M-74.8% | $16.3M+457.3% | $2.9M+2493.8% | $113K |
| Capital Expenditures | $15.3M+1848.4% | $783K+267.6% | $213K-7.8% | $231K+55.0% | $149K-57.5% | $351K+45.0% | $242K-28.6% | $339K |
| Free Cash Flow | -$15.3M+20.6% | -$19.3M-242.9% | -$5.6M-324.0% | -$1.3M-133.4% | $4.0M-75.2% | $16.0M+494.3% | $2.7M+1289.8% | -$226K |
| Investing Cash Flow | -$28.8M-314.7% | -$6.9M-141.7% | $16.7M+711.6% | -$2.7M+19.6% | -$3.4M-30.1% | -$2.6M+83.9% | -$16.2M-906.9% | $2.0M |
| Financing Cash Flow | $11.7M-76.7% | $50.0M+666.2% | -$8.8M-170.2% | $12.6M+198.4% | -$12.8M-183.7% | -$4.5M-132.7% | $13.8M+1167.8% | -$1.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AIRT Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -11.1%-5.8pp | -5.3%-13.9pp | 8.6%+8.0pp | 0.6%+4.5pp | -3.9%-5.7pp | 1.8%-2.6pp | 4.5%+5.3pp | -0.9% |
| Net Margin | 64.3%+67.7pp | -3.5%-10.2pp | 6.8%+9.1pp | -2.3%+8.3pp | -10.6%-8.9pp | -1.7%-4.8pp | 3.1%+3.6pp | -0.5% |
| Return on Equity | 97.4% | N/A | 6311.6% | N/A | N/A | -25.4%-61.2pp | 35.8%+44.0pp | -8.1% |
| Return on Assets | 19.0%+19.6pp | -0.6%-3.0pp | 2.4%+3.2pp | -0.9%+3.2pp | -4.0%-3.4pp | -0.7%-2.0pp | 1.3%+1.5pp | -0.2% |
| Current Ratio | 1.67+0.7 | 0.96-1.1 | 2.06+0.2 | 1.89+0.2 | 1.65-0.3 | 1.90-0.4 | 2.27+0.1 | 2.15 |
| Debt-to-Equity | 2.61+168.6 | -166.01-1882.3 | 1716.32+1743.1 | -26.75+7.6 | -34.30-58.3 | 24.03+6.0 | 18.02-9.1 | 27.17 |
| FCF Margin | -12.7%+14.5pp | -27.1%-18.3pp | -8.8%-6.9pp | -1.9%-7.9pp | 6.0%-14.5pp | 20.5%+17.2pp | 3.3%+3.6pp | -0.3% |
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Frequently Asked Questions
What is Air T's annual revenue?
Air T (AIRT) reported $327.1M in total revenue for fiscal year 2026. This represents a 12.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Air T's revenue growing?
Air T (AIRT) revenue grew by 12.1% year-over-year, from $291.9M to $327.1M in fiscal year 2026.
Is Air T profitable?
Yes, Air T (AIRT) reported a net income of $78.0M in fiscal year 2026, with a net profit margin of 23.8%.
What is Air T's EBITDA?
Air T (AIRT) had EBITDA of $1.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Air T have?
As of fiscal year 2026, Air T (AIRT) had $20.3M in cash and equivalents against $208.2M in long-term debt.
What is Air T's gross margin?
Air T (AIRT) had a gross margin of 15.8% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Air T's operating margin?
Air T (AIRT) had an operating margin of -3.4% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Air T's net profit margin?
Air T (AIRT) had a net profit margin of 23.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Air T's return on equity (ROE)?
Air T (AIRT) has a return on equity of 97.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Air T's free cash flow?
Air T (AIRT) generated -$41.5M in free cash flow during fiscal year 2026. This represents a -285.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Air T's operating cash flow?
Air T (AIRT) generated -$25.0M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Air T's total assets?
Air T (AIRT) had $409.1M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Air T's capital expenditures?
Air T (AIRT) invested $16.5M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Air T's current ratio?
Air T (AIRT) had a current ratio of 1.67 as of fiscal year 2026, which is generally considered healthy.
What is Air T's debt-to-equity ratio?
Air T (AIRT) had a debt-to-equity ratio of 2.61 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Air T's return on assets (ROA)?
Air T (AIRT) had a return on assets of 19.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Air T's cash runway?
Based on fiscal year 2026 data, Air T (AIRT) had $20.3M in cash against an annual operating cash burn of $25.0M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Air T's Piotroski F-Score?
Air T (AIRT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Air T's earnings high quality?
Air T (AIRT) has an earnings quality ratio of -0.32x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Air T cover its interest payments?
Air T (AIRT) has an interest coverage ratio of -0.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Air T?
Air T (AIRT) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.